Sensex rallies for 9th session, jumps 246 pts; Nifty above 20,050

Sensex rallies for 9th session, jumps 246 pts; Nifty above 20,050

Ira Singh
13 Sep’23

The Indian equity market was skewed in favor of bulls on Wednesday, after a muted previous session, to inch closer to their record highs led by metal, oil & gas and banking names,amid weak trend in global markets and fresh foreign fund outflows. Also, high valuation concerns of the domestic market made investors cautious.

At close, the Sensex was up 245.86 points or 0.37 percent at 67,466.99, and the Nifty was up 76.80 points or 0.38 percent at 20,070.

Stocks and Sectors

Grasim Industries, Coal India, Bharti Airtel, Tata Consumer Products and Titan Company were the top gainers on the Nifty, while losers included HDFC Life, Jio Financial, L&T, M&M and Adani Ports.

On the sectoral front,metal and oil & gas were up one percent each and PSU Bank index gained four percent, while capital goods, auto and Information Technology indices ended on a negative note.

The BSE midcap index recovered 500 points from the day’s low and ended flat, while Smallcap index added 0.8 percent.

On 13 Sep’23 the Indian rupee ended 7 paise lower to close at 82.99 against the US dollar on weighed down by a stronger American currency overseas and a surge in crude oil prices.

Experts Take:

Market experts have recommended five stocks to buy for Wednesday- Infosys, ITC, Sun Pharmaceuticals, Indalco, Maruti Suzuki, and Starcement.